The Employees Old Age Benefits Institution (EOBI) has requested the Federal Investigation Authority (FIA) to register a case against the chief executive of the Eden Housing Company for selling land to EOBI at higher prices.
Eden is accused of selling real-estate assets to EOBI at exorbitant rates, causing a loss of over Rs700 million to the public exchequer.
In a letter to the FIA director general, the head of EOBI states that the Supreme Court had ordered revaluation of the properties by appointing independent valuators.
The valuators have submitted their reports, showing mala fide intentions on the part of sellers who disposed of their properties at exorbitant rates.
According to their findings, at the time of the transaction, the price of the Lahore Eden properties was Rs272 million, whereas EOBI purchased the same for Rs976 million, causing a loss of Rs703 million to the public exchequer.
The EOBI chief said the enquiries held by FIA were closed on the conclusion that sellers have agreed to deposit the full amount in SC.
Published in The Express Tribune, August 2nd, 2015.